Allspring Global Investments Holdings LLC has reduced its stake in Synovus Financial Corp. (NYSE: SNV) by 32.2% during the third quarter of 2023, as reported in its latest filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 152,332 shares after selling 72,310 shares during the period, representing a total value of approximately $7.4 million.
The decision to decrease its holdings comes in a broader context where various institutional investors have been actively trading shares of Synovus Financial. For instance, the Royal Bank of Canada increased its position by 51.2% in the first quarter, acquiring an additional 9,080 shares to reach a total of 26,820 shares, valued at about $1.25 million.
In a remarkable move, Amundi significantly bolstered its stake by an astonishing 78,349.2%, adding 100,287 shares to hold a total of 100,415 shares, worth $4.69 million. Other notable investors include Advisors Asset Management Inc., which increased its stake by 17.8%, and AllianceBernstein L.P., which raised its holdings by 67.0%. These shifts highlight the dynamic nature of investment in Synovus Financial, with institutional investors collectively owning 83.85% of the company’s stock.
Analyst Ratings and Market Performance
Recent analyst reports have varied in their assessments of Synovus Financial. On October 17, 2023, Stephens revised its price target from $54.00 to $51.00, maintaining an “equal weight” rating. Conversely, JPMorgan Chase & Co. raised its target from $58.00 to $65.00 and assigned an “overweight” rating. Other firms, such as Truist Financial and DA Davidson, also provided updated targets, indicating a range of market sentiment surrounding the bank’s future performance.
Currently, Synovus Financial’s stock has an average rating of “Hold” from analysts, with a consensus target price of $58.38 according to data from MarketBeat.com. As of October 15, 2023, Synovus Financial reported earnings of $1.46 per share, surpassing the consensus estimate of $1.36 by $0.10. The bank achieved a net margin of 21.97% and a return on equity of 16.13%, illustrating its robust financial health.
Synovus Financial shares opened at $50.51 on October 18, 2023, reflecting a decrease of 1.6%. The firm has a market capitalization of $7.01 billion, with a price-to-earnings ratio of 9.42 and a price-to-earnings-growth ratio of 0.88. Over the past year, the stock has fluctuated between a low of $35.94 and a high of $61.06.
Dividend Announcements and Insider Activity
On a positive note, Synovus Financial recently declared a quarterly dividend of $0.39, which was distributed to investors on December 24, 2023. This dividend represents an annualized figure of $1.56, yielding approximately 3.1%. The company’s dividend payout ratio stands at 29.10%, reflecting a balanced approach to shareholder returns.
In related insider activity, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial on October 20, 2023, at an average price of $45.37 per share, amounting to a total investment of $45,370. Following this transaction, Montana holds 5,464 shares in the company, valued at approximately $247,901.68, indicating a 22.40% increase in his position.
About Synovus Financial
Based in Columbus, Georgia, Synovus Financial Corp. (NYSE: SNV) is a regional financial services provider offering a diverse array of banking and financial products. The company serves individual consumers, small businesses, and large corporations through various segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services. Its commercial banking division specializes in providing tailored financial solutions to meet the needs of businesses across multiple sectors.
These developments reflect a shifting landscape in investment strategies and market performance for Synovus Financial, underscoring the importance of monitoring institutional holdings and analyst opinions in the financial sector.
